Tips on Setting Personal Finance Goals for Married Couples

Play to Your Personalities

Money can be a source of conflict for many couples. A key step in avoiding arguments is understanding your financial personalities. While it might be easier for two savers to get along financially than a saver and a spender, both personalities can be accommodated through the use of a household budget. A household budget shines a light on where money is coming and going -- and who is spending it. "When setting goals of any kind -- including financial ones -- you'll have to show a little give-and-take with your partner," says Patrick Summar, Los Angeles-based executive and life coach. This doesn't necessarily mean that you have to live with an absolute 50-50 spending split, notes Summar: "Talking about how, when and why you're going to spend is half the battle. For example, you might want to have an agreement not to spend more than $500 without consulting the other. But there is no one right way." Agree to a budget with your spouse, and stick to it.

Consider Individual Accounts

If you keep all of your assets in a joint account, you're like the majority of married couples. A joint account can establish a spirit of cooperation when it comes to focusing on your financial goals: you're in this together as a team effort. However, in some circumstances keeping separate accounts can help you achieve your own personal financial goals. For example, if you want to set aside money for a distant relative's college expenses, but your spouse is not especially interested in that goal, you can use the money in your personal account to save for that purpose. Likewise, if your spouse wants to save up for a giant new television that you neither need nor want, he may feel more free to do so if he has his own account to draw upon -- and you might mind less. "Having at least some money in single-name accounts broadens your ability to reach financial goals and can also reduce stress in a marriage," notes Summar. In other words, spouses have some freedom to do as they wish without asking permission.

Think Big and Small Picture

When you're single, it can be hard to set financial goals for the long run. Since you're only responsible for yourself, the only real long-term goal is to save for retirement. When you get married, however, you suddenly have additional considerations. You might start thinking about putting money down on a house. You may consider buying life insurance or saving money for future educational needs, especially if you have children. In the meantime, you'll still want to enjoy your life and meet short-term financial goals as well, such as buying a new car or upgrading your furnishings.

Have a Backstop

Regardless of your financial goals, investment philosophy, or saving strategy, financial experts unanimously recommend setting up an emergency fund. Even in the most stable financial situations, a sudden illness, an accident or an unexpected job loss can occur. Once you're married, any unfortunate events can be doubly damaging, so you'll want to be prepared with some cash reserves. For some couples, three to six months' worth of living expenses make for an adequate emergency fund; for others, a full year's worth of savings may feel more comfortable.

Take the next step towards your financial goals

We can help choose the right Quicken for you

† Limited time offer of 40% off the list price applies only to the purchase of Quicken Deluxe, Premier, Home, Business & Rental Property for the first year only when you order directly from Quicken by February 20, 2018, 11:59 PM PST. Offer good for new memberships only. Offer listed above cannot be combined with any other offers. Terms, conditions, pricing, features, offers and service options subject to change without notice.

Monitoring alerts, data downloads, and feature updates are available through the end of your membership term. Online services require internet access. Third-party terms and additional fees may apply. Phone support, online features, and other services vary and are subject to change. 14,500+ participating financial institutions as of October 1, 2017.

Standard message and data rates may apply for sync, e-mail and text alerts. Visit www.quicken.com/go/apps for details. Quicken app (“App”) is compatible with iPad, iPhone, iPod Touch, Android phones and tablets. Not all Quicken desktop features are available in the App. The App is a companion app and will work only with Quicken 2015 and above desktop products.

Quicken Bill Pay (Bill Payment Services provided by Metavante Payment Services, LLC) is included in Quicken Premier and above and is available on QuickenBillPay.com as a separate add-on service in Starter and Deluxe. 15 payments per month included in Premier and above.

Purchase entitles you to Quicken for 1 or 2 years (depending upon length of membership purchased), starting at purchase. Full payment is charged to your card immediately. At the end of the membership period, membership will automatically renew every year and you will be charged the then-current price (prices subject to change). You may cancel before renewal date. For full details, consult the Quicken License Agreement. You can manage your subscription at your My Account page.

30-day money back guarantee: If you’re not satisfied, return this product to Quicken within 30 days of purchase with your dated receipt for a full refund of the purchase price less shipping and handling fees. See www.quicken.com/30dayguarantee for full details and instructions.

Quicken for Mac software and the Quicken mobile app are not designed to function outside the U.S.

The VantageScore provided under the offer described here uses a proprietary credit scoring model designed by VantageScore Solutions, LLC. There are numerous other credit scores and models in the marketplace, including different VantageScores. Please keep in mind third parties may use a different credit score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

VantageScore®, Equifax®, Experian® and TransUnion® are registered trademarks of their respective owners.

EQUIFAX is a registered trademark of Equifax Inc. The other Equifax marks used herein are trademarks of Equifax Inc. Other product and company names mentioned herein are property of their respective owners.